Berkeley Square Developments Ashley Gardens Limited Company accounts

Berkeley Square Developments Ashley Gardens Limited Company accounts

BERKELEY SQUARE DEVELOPMENTS ASHLEY GARDENS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 12432092
Berkeley Square Developments Ashley Gardens Limited
Financial Statements
31 March 2023
Berkeley Square Developments Ashley Gardens Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Strategic report
1
Directors' report
3
Independent auditor's report to the members
5
Income statement
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13
Berkeley Square Developments Ashley Gardens Limited
Strategic Report
Year ended 31 March 2023
Introduction The directors present their strategic report and the audited financial statements for the year ended 31 March 2023. Business review The principal activity of Berkeley Square Developments Ashley Gardens Limited (“BSDAG”) is the delivering and construction of 310 build to rent homes and ancillary retail units, in Tottenham Hale, London. BSDAG obtained the initial planning approval in 2018 for the development and commenced construction in 2020, after obtaining external funding and vacant possession of the site. BSDAG are responsible for ensuring the construction of the development is delivered to the agreed specification and in compliance with the prevailing regulations, whilst also liaising with the local authority and local stakeholders. To ensure this BSDAG have appointed a large team of ancillary consultants and contractors to undertake the specialist works and design needed for such a complex project. In the current financial year BSDAG have accommodated significant changes to the agreed specifications and design of the building, including a series of modifications to the planning approval. Overall, it has taken additional external management and costs to complete the project than first envisaged, with premiums for materials, labour and COVID related costs not considered when the project was conceived. However, the development has continued to be delivered ahead of programme, despite the previous risks from COVID affecting the supply-chain and significant material price inflation. This year has seen the completion of a number of benchmark apartments that set the agreed quality for the completion of the project and represents a milestone for BSDAG. The company has incurred additional costs which have reduced the previously forecasted profit, however BSDAG continues to trade strongly despite these costs. Following the completion of the building in July 2023, BSDAG has two years of liabilities for defects and is working closely with the delivery team to ensure these are addressed. There is no future profits envisaged. Principal risks and uncertainties Following the challenges of the previous years from COVID causing disruption to the supply chain and material availability, we have continued to encounter price increases for both materials and labour, resulting in increased estimated costs to complete the project. The wider uncertainty in the financial markets has also been noted as a risk to BSDAG and ensuring that it receives the remaining payments. This has been balanced by an agreement to focus on programme and the earliest possible completion date and following a concerted effort across BSDAG the project has been completed in July 2023. With the project now completed, the only remaining risks are key suppliers ceasing to trade and leaving costs greater than the remaining retentions.
Financial key performance indicators The key performance indicators for BSDAG is the forecasted profit margin which is expected to be 7.48% of turnover, which is a reduction from previous expectations. Whilst lower than forecasted, this reflects the increased costs of delivering a construction project during COVID.19 and the wider complexities of the project and its earlier completion, which has reduced the external funding risks to the company and enable earlier returns to the Shareholders. We remain satisfied with the overall financial returns given the risks and challenges experienced since starting construction and the market conditions. Future developments BSDAG has no future projects and does not intend to be involved in any further projects beyond its existing contractual commitments.
This report was approved by the board of directors on 28 March 2024 and signed on behalf of the board by:
J R Carkeet
Director
Registered office:
Suite 3
Bignell Park Barns
Chesterton
Bicester
Oxon
OX26 1TD
Berkeley Square Developments Ashley Gardens Limited
Directors' Report
Year ended 31 March 2023
The directors present their report and the financial statements of the company for the year ended 31 March 2023 .
Principal activities
The principal activity of the company during the year was delivering and construction of 310 build to rent homes and ancillary retail units.
Directors
The directors who served the company during the year were as follows:
A C Gavin
B B Tauber
J R Carkeet
I Hoffman
Dividends
The profit for the year, after taxation, amounted to £761,524 (2022 - £3,870,493). No interim or final dividend was declared (2022 - £Nil).
Post balance sheet events
Shortly after the year end, the project the company was engaged to complete reached practical completion.
As a result of this, business activity reduced.
Disclosure of information in the strategic report
The company has chosen, in accordance with section 414C(11), to set out all information regarding future developments and principal risks and uncertainties within the company's strategic report.
Directors' responsibilities statement
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 28 March 2024 and signed on behalf of the board by:
J R Carkeet
Director
Registered office:
Suite 3
Bignell Park Barns
Chesterton
Bicester
Oxon
OX26 1TD
Berkeley Square Developments Ashley Gardens Limited
Independent Auditor's Report to the Members of Berkeley Square Developments Ashley Gardens Limited
Year ended 31 March 2023
Opinion
We have audited the financial statements of Berkeley Square Developments Ashley Gardens Limited (the 'company') for the year ended 31 March 2023 which comprise the income statement, statement of financial position, statement of changes in equity, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to the Companies Act 2006. Other applicable regulations include building and planning regulations and general health & safety compliance & general data protection regulations (GDPR) As part of routine audit procedures, the possibility of non-compliance with general laws were considered and discussed with senior management, in response to our assessment of the risk of non-compliance to these laws & regulations. The risk of fraud were discussed with senior management, including details of any known instances. Our records of the company's systems and procedures were reviewed by the audit team to identify areas where fraud might occur. We assessed the risks of material misstatement in respect of fraud by - Making enquiries of management and those charged with Governance - Reviewing fraud risk factors within discussion of related party relationships and transactions - Performing analytical procedures to identify unexpected relationships Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above. The Company’s policies and procedures for compliance with those laws and regulations was obtained and discussed with management. We corroborated our enquiries through review of the Company records, discussions with directors and written representations and no contradictory evidence was identified. We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries throughout the year into our audit approach. Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud including a review of the accounting policies adopted by the Company. We have considered the extent to which the audit was considered capable of detecting irregularities. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Other matter
The accounts for the company were not audited for the period ending 31st March 2022.
Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Nicola Jane Cadwallader
(Senior Statutory Auditor)
For and on behalf of
David Cadwallader & Co Limited
Chartered Certified Accountants & statutory auditor
Suite 3 Bignell Park Barns
Chesterton
Nr Bicester
Oxon
OX26 1TD
28 March 2024
Berkeley Square Developments Ashley Gardens Limited
Income Statement
Year ended 31 March 2023
Period from
Year to
1 Feb 21 to
31 Mar 23
31 Mar 22
(restated)
Note
£
£
Turnover
4
31,866,028
49,667,859
Cost of sales
( 30,863,121)
( 44,835,921)
-------------
-------------
Gross profit
1,002,907
4,831,938
Administrative expenses
( 44,296)
( 44,669)
------------
------------
Operating profit
958,611
4,787,269
Interest payable and similar expenses
7
( 17,992)
( 8,883)
------------
------------
Profit before taxation
940,619
4,778,386
Tax on profit
8
( 179,095)
( 907,893)
---------
------------
Profit for the financial year
761,524
3,870,493
---------
------------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
Berkeley Square Developments Ashley Gardens Limited
Statement of Financial Position
31 March 2023
2023
2022
(restated)
Note
£
£
Current assets
Contract construction work in progress
9
11,622,235
7,777,252
Debtors
10
4,233,356
7,940,211
Cash at bank and in hand
1,859,360
171,247
-------------
-------------
17,714,951
15,888,710
Creditors: amounts falling due within one year
11
( 10,222,132)
( 9,748,847)
-------------
-------------
Net current assets
7,492,819
6,139,863
------------
------------
Total assets less current liabilities
7,492,819
6,139,863
Creditors: amounts falling due after more than one year
12
( 2,241,348)
( 1,649,916)
------------
------------
Net assets
5,251,471
4,489,947
------------
------------
Capital and reserves
Called up share capital
14
100
100
Profit and loss account
15
5,251,371
4,489,847
------------
------------
Shareholders funds
5,251,471
4,489,947
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 28 March 2024 , and are signed on behalf of the board by:
J R Carkeet
Director
Company registration number: 12432092
Berkeley Square Developments Ashley Gardens Limited
Statement of Changes in Equity
Year ended 31 March 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1 February 2021
100
619,354
619,454
Profit for the year
3,870,493
3,870,493
----
------------
------------
Total comprehensive income for the year
–
3,870,493
3,870,493
At 31 March 2022
100
4,489,847
4,489,947
Profit for the year
761,524
761,524
----
------------
------------
Total comprehensive income for the year
–
761,524
761,524
----
------------
------------
At 31 March 2023
100
5,251,371
5,251,471
----
------------
------------
Berkeley Square Developments Ashley Gardens Limited
Statement of Cash Flows
Year ended 31 March 2023
2023
2022
(restated)
£
£
Cash flows from operating activities
Profit for the financial year
761,524
3,870,493
Adjustments for:
Interest payable and similar expenses
17,992
8,883
Tax on profit
179,095
907,893
Other operating cash flow adjustment
4,806,868
3,039,300
Changes in:
Contract construction work in progress
( 3,844,983)
( 7,777,252)
Trade and other debtors
4,009,975
( 7,587,350)
Trade and other creditors
( 3,791,258)
6,402,097
------------
------------
Cash generated from operations
2,139,213
( 1,135,936)
Interest paid
( 17,992)
( 8,883)
Tax paid
( 1,390,984)
( 145,280)
------------
------------
Net cash from/(used in) operating activities
730,237
( 1,290,099)
------------
------------
Cash flows from financing activities
Repayments of borrowings
( 360,296)
–
Proceeds from loans from group undertakings
2,884,000
360,000
Proceeds from loans from participating interests
( 1,567,000)
–
Interest paid
1,172
–
------------
------------
Net cash from financing activities
957,876
360,000
------------
------------
Net increase/(decrease) in cash and cash equivalents
1,688,113
( 930,099)
Cash and cash equivalents at beginning of year
171,247
1,101,346
------------
------------
Cash and cash equivalents at end of year
1,859,360
171,247
------------
------------
Berkeley Square Developments Ashley Gardens Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, incorporated in England and Wales. The registered number is 12432092 . The address of the registered office is Suite 3, Bignell Park Barns, Chesterton, Bicester, Oxon, OX26 1TD and the trading address is Berol House, 25 Ashley Road, Tottenham Hale, London, N17 9LJ. The prior year's accounts cover a period of 14 months to 31 March 2022 and therefore the two periods are not directly comparable.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note below). The following principal accounting policies have been applied: Functional and presentational currency The Company's functional and presentational currency is GBP.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. - Valuation of work in progress Work in progress is carried at the lower of cost and net realisable value. Net realisable value represents the estimated selling price less all estimated costs of completion and overheads. These assessments include a degree of inherent uncertainty due to the need to estimate future costs and future selling prices. These estimates are based on the Directors' assessment of current market conditions.
Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Under the construction contract accounting criteria, when the outcome of the transaction involving the rendering of services cannot be estimated reliably, the entity shall recognise revenue only to the extent of the expenses recognised as recoverable. Finance Costs Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Borrowing Costs All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Income tax
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Stocks
Work in progress, which comprises of costs in respect of property projects in the course of development and construction, is valued at the lower of cost and net realisable value.
Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102. Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
4. Turnover
Turnover arises from:
Period from
Year to
1 Feb 21 to
31 Mar 23
31 Mar 22
(restated)
£
£
Construction contracts
31,866,028
49,667,859
-------------
-------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Auditor's remuneration
Period from
Year to
1 Feb 21 to
31 Mar 23
31 Mar 22
(restated)
£
£
Fees payable for the audit of the financial statements
13,500
–
--------
----
6. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2023
2022
No.
No.
Management staff
4
4
----
----
7. Interest payable and similar expenses
Period from
Year to
1 Feb 21 to
31 Mar 23
31 Mar 22
(restated)
£
£
Interest due to group undertakings
17,116
8,883
Interest payable on overdue tax
876
–
--------
-------
17,992
8,883
--------
-------
8. Tax on profit
Major components of tax expense
Period from
Year to
1 Feb 21 to
31 Mar 23
31 Mar 22
(restated)
£
£
Current tax:
UK current tax expense
179,095
907,893
---------
---------
Tax on profit
179,095
907,893
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2022: the same as) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
Period from
Year to
1 Feb 21 to
31 Mar 23
31 Mar 22
(restated)
£
£
Profit on ordinary activities before taxation
940,619
4,778,386
---------
------------
Profit on ordinary activities by rate of tax
178,718
907,893
Effect of expenses not deductible for tax purposes
377
–
---------
------------
Tax on profit
179,095
907,893
---------
------------
9. Contract construction work in progress
2023
2022
(restated)
£
£
Contract work in progress
11,622,235
7,777,252
-------------
------------
The balance on contract work in progress relates to costs in relation to long-term contracts to date less provision for losses.
10. Debtors
2023
2022
(restated)
£
£
Prepayments and accrued income
777,036
5,212,554
Corporation tax repayable
303,120
–
Other debtors
3,153,200
2,727,657
------------
------------
4,233,356
7,940,211
------------
------------
The debtors above include the following amounts falling due after more than one year:
2023
2022
(restated)
£
£
Client retention - >1year
2,241,348
1,399,916
------------
------------
Short-term debtors are measured at transaction price, less any impairment.
11. Creditors: amounts falling due within one year
2023
2022
(restated)
£
£
Trade creditors
609,910
5,272,458
Amounts owed to group undertakings
9,560,276
3,546,408
Accruals and deferred income
51,946
22,088
Corporation tax
–
907,893
-------------
------------
10,222,132
9,748,847
-------------
------------
Short-term creditors are measured at the transaction price.
12. Creditors: amounts falling due after more than one year
2023
2022
(restated)
£
£
Construction retention >1 year
2,241,348
1,399,916
Other creditors
–
250,000
------------
------------
2,241,348
1,649,916
------------
------------
13. Prior period errors
The construction retention creditor at 31 March 2022 was shown as a liability <1 year. This has been restated as a liability >1 year in these financial statements to reflect the period post the balance sheet where the liability falls due. The reserves of the company are unchanged.
14. Called up share capital
Issued, called up and fully paid
2023
2022
(restated)
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
Shares issued and fully paid
2023
2022
(restated)
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
Shares issued and partly paid
2023
2022
(restated)
No.
£
No.
£
15. Reserves
Profit and loss account The profit and loss reserve represents cumulative profits and losses and other adjustments.
16. Analysis of changes in net debt
At 1 Apr 2022
Cash flows
At 31 Mar 2023
£
£
£
Cash at bank and in hand
171,247
1,688,113
1,859,360
Debt due within one year
(3,546,408)
(6,013,868)
(9,560,276)
------------
------------
------------
( 3,375,161)
( 4,325,755)
( 7,700,916)
------------
------------
------------
17. Related party transactions
During the year ended 31 March 2023, the company has paid expenses of £6,311,140 (2022: £7,177,810) to entities with group control over the entity. The balance due to these undertakings within one year was £9,560,276 (2022: £3,546,408) and greater than one year was £nil (2022: £250,000). Within the balance owed to group undertakings are loans amounting to £250,000. Interest of 2.5% per annum is charged either at the end of the term or the date the loans are repaid in full. There are no scheduled repayments however the company is required to repay the loans and interest within 4 years from the date the loans were initially drawn. Also within the balance owed to group undertakings are loans amounting to £1,317,000. Interest of 3.5% per annum is charged either at the end of the term or the date the loans are repaid in full. There are no scheduled repayments however the company is required to repay the loans and interest within 12 months from the date the loans were initially drawn.